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PPR 1H net profit up nearly 141 percent

PPR 1H net profit up nearly 141 percent

Retail-to-luxury company PPR SA said Friday that first-half net profit was up nearly 141 percent, boosted by the sale of cosmetics business YSL Beaute and strong sales in luxury goods.
PPR, owner of the Yves Saint Laurent and Gucci brands, said net income in the six months to June 30 came in at euro779 million (US$1.15 billion), up from euro323 million in the comparable year-earlier period. The company did not break out second-quarter results.
Net income from continuing operations was euro344 million (US$508 million), compared to euro293 million a year ago, or an increase of 17.3 percent.
The company said the strength of its global brands helped it through the economic downturn.
"PPR has always been able to take advantage of periods of slower growth, and the present case is no exception," Chairman and CEO Francois-Henri Pinault said in a statement.
Sales were up 11.8 percent, at euro9.584 billion (US$14.16 billion), compared to euro8.573 billion from a year ago. This year the company sold fragrance business YSL Beaute to L'Oreal.
The company said its luxury goods division, Gucci Group, had recurring operating income growth of 13 percent.
PPR owns a 63.6 percent stake in Puma, which earlier this month said net profit in the first half slipped 4.3 percent to euro135.7 million (US$210 million) from last year's euro141.7 million. In the second quarter, the world's third-biggest sporting goods and apparel company reported an increase of nearly 1 percent in net profit.
PPR took over Puma last year, acquiring more than 62 percent of the company's shares, but Puma continues to report separately and keep its stock market listing.
Shares rose 5.1 percent to euro80.33 (US$118.66) in Paris afternoon trading.


Updated : 2021-10-16 13:15 GMT+08:00